In a move shrouded in controversy, the Nigerian National Petroleum Company Limited (NNPCL) has transferred its retained assets to OVH Energy Marketing Limited, a company linked to President Bola Tinubu’s nephew, Wale Tinubu.
The transfer was approved by Justice C.J. Aneke of the Federal High Court in Lagos, despite concerns raised by NNPC Retail employees and discrepancies uncovered in OVH Energy’s claims.
The merger, which became effective in January 2024, has sparked criticism over its handling and potential conflicts of interest.
An NNPC Retail employee described the transaction as “criminal,” while an investigation by Premium Times revealed inconsistencies in OVH Energy’s reported number of filling stations.
Justice Aneke granted eight orders, including the dissolution of NNPC Retail and Nueoil without winding them up, paving the way for the transfer of assets to OVH Energy Marketing.
The move allows NNPCL to capitalize on OVH’s existing success and expand its retail ownership and assets. Merger talks with OVH Energy’s former CEO Huub Stokman being uncovered as NNPC Retail’s new Managing Director, making the deal more complicated.